ProfoundBio – a clinical-stage biotechnology company developing novel antibody-drug conjugate (ADC) therapeutics for patients with cancer – announced an oversubscribed $112 million Series B financing supported by a syndicate of top healthcare dedicated and mutual fund institutional investors. The funding round was led by Ally Bridge Group, with substantial contributions from new investors including Nextech Invest, funds and accounts advised by T. Rowe Price Associates, Janus Henderson Investors, RA Capital Management, OrbiMed, Surveyor Capital (a Citadel company), Medicxi, Logos Capital, Octagon Capital, Piper Heartland Healthcare Capital and LifeSci Venture Partners, as well as continued support from existing investors Lilly Asia Ventures (LAV) and LYFE Capital.
This funding underscores the new and existing investor confidence in ProfoundBio’s innovative approach to cancer treatment and is expected to accelerate the development of its comprehensive ADC portfolio, including the planned pivotal trial of rinatabart sesutecan (Rina-S) for the treatment of ovarian cancer.
The funding raised will support ProfoundBio’s diverse array of clinical and preclinical ADC programs, primarily targeting solid tumor cancers. Key programs include:
1.) Rina-S: A folate receptor-alpha (FRα) targeted ADC, in Phase 2 trials for ovarian and endometrial cancers, with pivotal studies in ovarian cancer planned for later this year.
2.) PRO1160: A CD70 targeted ADC, in Phase 1 trials with initial results expected in 2024.
3.) PRO1107: A protein tyrosine kinase 7 (PTK7) targeted ADC, in Phase 1 trials with initial results anticipated in 2025.
4.) PRO1286: A bi-specific ADC, anticipated to enter the clinic in 2024.
ProfoundBio strengthens its board of directors with the addition of Andrew Lam from Ally Bridge Group along with two independent directors, Eric Dobmeier and Enoch Kariuki, who bring a breadth of experience in biotechnology and investment.
1.) Andrew Lam, Pharm.D., Managing Director and Head of Biotech Private Equity at Ally Bridge Group, who is known for his strategic and capital markets insights based on his extensive expertise in the life sciences sector.
2.) Eric Dobmeier brings over two decades of leadership, operating and business development experience in biotechnology companies, having led significant growth initiatives at Seagen and Chinook Therapeutics.
3.) Enoch Kariuki, Pharm.D., offers extensive background in healthcare strategy, investment banking, and venture capital, contributing valuable financial and strategic acumen.
Joining existing board members Baiteng Zhao, Ph.D. (co-founder), Lynn Yang (HongShan), and Josh Jin (LAV), these new members bring considerable experience and expertise to ProfoundBio.
KEY QUOTES:
“We are excited to welcome this premier group of life science investors. Their commitment is a testament to our progress and our mission to develop innovative ADCs with the potential for improved clinical outcomes for patients. This investment boosts our momentum, especially with three clinical-stage candidates in our portfolio and another poised for clinical trials in the next few months. It’s a pivotal step in enabling significant milestones and delivering key data readouts this year and through 2025. The addition of Andrew Lam, Eric Dobmeier, and Enoch Kariuki to our board brings invaluable expertise, strengthening our path to redefine patient care.”
- Erin Lavelle, Chief Operating Officer and Chief Financial Officer of ProfoundBio
“This Series B financing is an important milestone in our mission to redefine cancer treatment. Our ADC pipeline programs, led by Rina-S, demonstrate our dedication to bringing groundbreaking therapies to patients with cancer. With this support, we are better positioned to advance our clinical trials and offer new differentiated approaches. We welcome our new board members and look forward to this next chapter of ProfoundBio.”
- Baiteng Zhao, Ph.D., Chairman of the Board and Chief Executive Officer of ProfoundBio
“ProfoundBio is led by an experienced management team with a proven track record of global approvals of ADC therapeutics and decades of research and development experience focused on this modality. We are proud to be supporting a great team that has advanced an exciting pipeline of differentiated and potentially best-in-class and first-in-class ADCs.”
- Dr. Lam
